Tether Backs Financial Inclusion with Sorted Wallet Investment
(Originally posted on : Crypto News – iGaming.org )
Tether has announced a strategic $1.5 million investment in Sorted Wallet, a platform designed to bring cryptocurrency access to people in emerging markets using basic mobile phones. This initiative aims to provide financial services to regions with limited access to traditional banking, such as Africa and Southern Asia, enhancing financial inclusion through simplified technology.
Sorted Wallet’s platform is particularly beneficial for individuals without bank accounts or those facing restricted banking options. The wallet functions on simple mobile devices, allowing users to manage crypto by storing, sending, and receiving digital assets. The platform’s decentralized nature ensures that users retain control over their funds, providing a secure financial tool for communities often left out of conventional banking systems.
Expanding Crypto Access in Emerging Markets
In many parts of Africa and Asia, traditional banking infrastructure is scarce, making cryptocurrency a critical alternative for secure and swift transactions. People in these regions increasingly rely on digital currencies for lower-cost payments, faster transactions, and protection against volatile local currencies. Crypto offers an accessible way to engage with the global economy, bridging gaps left by traditional financial institutions.
Tether’s CEO, Paolo Ardoino, emphasized the importance of this investment, stating, “By supporting Sorted Wallet, we unlock new opportunities for individuals with basic mobile phones to participate in the financial system. Our goal is to ensure that everyone, regardless of location or phone type, can securely manage and utilize cryptocurrency, empowering them to build a more secure financial future and actively engage in the evolving digital economy.”
Tether’s involvement with Sorted Wallet aligns with its broader mission to support financial inclusion globally. In June, Tether invested $18.75 million in XREX, a cross-border crypto exchange, to enhance USDT-based payments in developing economies. The investment in XREX aimed to improve cross-border business payments and support a gold-backed stablecoin initiative with the Unitas Foundation.
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These investments reflect Tether’s continued efforts to expand its footprint in underserved regions, including recent moves in Eastern Europe and the UAE, demonstrating its commitment to leveraging crypto as a tool for economic empowerment.